How much debt?

vacheron

Mine would be about 12% of total assets and consists entirely of mortgage debt and numerous credit cards. 

The reality however is that that the mortgage is an offset mortgage, which is fully offset, and the CC's are all 0% with their respective "debt" earning an average of 5.3% in an assortment of savings accounts.

So for me, the more debt like this, the better! 

Jaco70 said:

Jami74 said:

Sounds like a boast post to be honest, owing half a million as a small percentage on property.

To help you feel good about your situation, I am nearly your age and owe 89% on my first and only property.

(In case anyone misconstrues my comment, I am thrilled to bits with my current situation, someone quoted to me when I was a young adult "We cannot change the cards we are dealt, just how we play the hand" and I absolutely feel like I am winning.)

Not sure how you define a ‘boast post’, when I literally didn’t mention any figures other than my debt percentage, but whatever.

Thanks for replying though.

Easily extrapolated to determine total assets of c. £2m from the % in your first post and the mortgage values you provided 2 posts further down, (intentional or not). 

Jaco70

vacheron said:

Mine would be about 12% of total assets and consists entirely of mortgage debt and numerous credit cards. 

The reality however is that that the mortgage is an offset mortgage, which is fully offset, and the CC's are all 0% with their respective "debt" earning an average of 5.3% in an assortment of savings accounts.

So for me, the more debt like this, the better! 

Jaco70 said:

Jami74 said:

Sounds like a boast post to be honest, owing half a million as a small percentage on property.

To help you feel good about your situation, I am nearly your age and owe 89% on my first and only property.

(In case anyone misconstrues my comment, I am thrilled to bits with my current situation, someone quoted to me when I was a young adult "We cannot change the cards we are dealt, just how we play the hand" and I absolutely feel like I am winning.)

Not sure how you define a ‘boast post’, when I literally didn’t mention any figures other than my debt percentage, but whatever.

Thanks for replying though.

Easily extrapolated to determine total assets of c. £2m from the % in your first post and the mortgage values you provided 2 posts further down, (intentional or not). 

I wasn’t struggling to understand the maths, just pointing out that I was asked the question about the extent of my personal debt. I didn’t offer it up, and it wasn’t relevant to my question. 

dgpur

Jaco70 said:

How much debt do you have?
I’m 54 and mine equates to about 30% of my total assets (property, business, pension), which sometimes feels a big number.
But it generally comes down a bit each year.
I try to think long term, and not panic, but I expected to have less debt at this age. 

I’m your age with zero debt, not even a mortgage. But around 10 years ago I had a lot of debt and was very worried about it. I’m sure you can clear yours. Even if it makes things a bit tight for a while, and cuts down on the fun things, I promise it feels really good to be free of the burden.

GazzaBloom

Wife & I have zero debt, no mortgage, loans, credit cards, phone contracts, nothing. Don't even pay insurances monthly. Been completely debt free for 3 years now.

We followed Dave Ramsey's Baby Steps plus used ‘zero based’ budgeting to focus on getting debt free in preparation for early retirement which we are now both enjoying. Wife is age 54, I am age 57.